This week, the New York Department of Financial Services (the “Department”) announced that it will adopt a principle-based reserving (“PBR”) approach for life insurers beginning in 2018. The Department has also established a working group to help implement certain reserve safeguards.
New York had been one of the few outlier…
Read More New York Life Industry Update: Principle-Based Reserving for Life Insurers coming in 2018
Michael Pieciak has been appointed as the Commissioner of the Vermont Department of Financial Regulation (“DFR”) by the Governor. Susan Donegan, the previous Commissioner, left on June 30th after serving in the position for over 3 years.
Mr. Pieciak was previously the Deputy Commissioner of DFR’s Securities Division and prior…
Last month, New York issued two advisory opinions that could alter the tax obligations for surplus lines insurers. Advisory Opinion TSB-A-16(5)(C) (June 10, 2016, available here) and Advisory Opinion TSB-A-16(4)(C) (June 10, 2016, available here) (collectively, the “Opinions”) address how the franchise tax under N.Y. Tax Law §…
Introduction
For many years, the European Union’s single market directives have allowed City of London firms to ‘passport’ their services across the European Economic Area (‘EEA’) and operate out of other member states without the need to obtain additional authorisation l to the one which they had obtained in a…
Read More What impact will Brexit have on the passporting rights of UK-based financial services?
This article examines some potential issues for UK re/insurers following the referendum vote for the UK to end its membership in the EU.
Prolonged period of uncertainty but “business as usual”?
One of the most significant concerns is that Brexit will bring about a prolonged and indefinite period of uncertainty…
The insurance industry is beginning to see the emergence of new kinds of coverage to protect life science companies from contingencies traditionally not covered by political risk policies. Political risk coverage is often underwritten to protect insureds from the nationalizing and confiscating of assets by sovereign nations, or to provide…
A Massachusetts federal court recently denied a pre-award petition to remove a party-appointed arbitrator finding that the Federal Arbitration Act (FAA) did not authorize the court to order arbitrator removal before a final arbitration award has been issued. The parties disputed whether the qualification requirements of the arbitration clause in…
Read More Massachusetts Federal Court Rejects Pre-Award Challenge Based On Arbitrator Qualifications
The New York State Legislature’s 2016 Legislative Session on June 18, 2016 enacted new pieces of legislation affecting the New York insurance industry and also saw proposed pieces of legislation die in the process. In particular, e-delivery legislation passed through both houses, which will now allow for the electronic delivery…
The Illinois Department of Insurance (“IL DOI”) has amended its record disposal and destruction regulation effective May 23, 2016, significantly reducing reporting, book-keeping and retention obligations for Illinois domestic insurers, as well as any principal U.S. office of a foreign or alien insurer located in Illinois. The amendment to Title…
Read More Update: Illinois Adopts Amendment to Simplify Insurer Record Retention and Destruction Requirements
As we have previously reported here, the United States National Flood Insurance Program (“NFIP”) is set to expire in September 2017, at which point surplus lines insurers may find themselves with an opportunity to fill a rapidly-evolving market. The NFIP was enacted in 1968 to offer flood insurance to…
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